Madam Speaker, I rise today in support of the Temporary Tax Relief Act (H.R. 3996), which will provide tax relief for hard-working, middle-class Americans.  However, while I strongly support shielding these taxpayers from the Alternative Minimum Tax, I am deeply disappointed that our efforts to pay for this fix, rather than charging it to future generations, have been blocked. 

Congress first enacted the alternative minimum tax (AMT) in 1969 to ensure that 155 wealthy taxpayers paid their fair share of the federal income tax.  But because the tax was not indexed for inflation, it has since become outdated and unfair.  Without a fix, this year over 23 million Americans – and 75,000 Rhode Islanders – would be forced to pay nearly $2,000 in additional taxes to which they were never intended to be subjected.   Today’s bill will provide a one-year patch to prevent these middle-class Americans from being subject to the ever widening-net of the AMT.

While everyone agrees that AMT relief must be passed swiftly, I am concerned with the circumstances under which this bill is being considered.  Just two months ago the House of Representatives passed a fiscally-responsible measure that fully complied with pay-as-you-go (PAYGO) rules.  In fact, I was proud to vote twice for legislation that provided for the necessary AMT relief and was fully paid for.  Unfortunately, Republican obstructionism has forced us to consider a measure that will add $50 billion to the national debt.  Fixing the AMT is important, and taxpayers should not suffer the consequences of political games.  What saddens me is that there was an easy way to accomplish this goal without adding to the deficit, and we chose to ignore it.

I am also disappointed that this measure provides only temporary relief rather than presenting a long-term sustainable solution.  We must develop a more permanent and fiscally-responsible solution to the AMT, as it will continue to affect an increasing number of taxpayers in future years.

I would like to thank Chairman Rangel for his leadership in bringing this measure to the floor, and for his valiant efforts to follow a more fiscally responsible course.  I am hopeful that as we continue to debate national tax policy, we will develop permanent solution to the AMT issue which does not place the burden of paying for it on our future generations.